Markets are taking a breath right now

20 June, 2018

Markets are taking a breath right now and retracing some of the moves over the past number of sessions. Whether this turns into a broader rally or the selloff is resumed remains to be seen. Stock markets are higher after support was found in the European session yesterday and US and Asian traders built on the foundations of that support.

Asian stock markets (ex Japan) experienced big declines on trade worries on Tuesday losing 2.1%. Shanghai Composite Index plummeted by 3.8%. Today Chinese stock tries to find support in 10-months lows area.

USDJPY is back above 110.000 while AUDUSD is trading around the 0.74000 level from its lows of 0.73470. Fundamentally very little has changed but the economic calendar is light. OPEC technical group meetings yesterday failed to reach agreements on production levels ahead of higher level OPEC meeting tomorrow. US WTI Oil has moved back above $65.00.

US Housing Starts (MoM) (May) were 1.350M against an expected 1.317M from a previous number of 1.287M which was revised down slightly to 1.286M. Building Permits (MoM) (May) were 1.301M against an expected 1.350M with the prior reading of 1.352M which was revised up to 1.364M. The data was mixed with housing starts beating expectations and building permits failing to meet them. These data points have been recovering since hitting lows in 2009 after the financial crisis of 0.46M and 0.49M respectively. The readings in February were the highest since those lows in both cases and these levels have yet to be matched or surpassed. GBPUSDmoved higher from 1.31589 to 1.31795 following this data release.

New Zealand Westpac Consumer Survey (Q2) was released and came in at 108.6 with a prior number of 111.2 recorded. While the data missed expectations there is a range between 106.0 and 113.4 that these reading are falling within. NZDUSD fell from 0.68999 to 0.68879 after this data release.

Source link  
Dollar growth pushed down stock indices

Monday was a hard day for the financial markets. American DJI lost more than 2.3% and S&P500 decreased by 2.0%. As in previous weeks, the main pressure...

U.S. stocks recover after elections

Preliminary estimates of the U.S. election results support a positive mood on the world markets, reducing the demand for protective assets and causing...

Cautious mood has returned to stocks

American markets ended trading on Wednesday with a slight increase. Asian bourses also experienced growth at the opening, but it was quickly...

Emerging markets rebound seems over

Asian markets have turned to a decline with a renewed force. After the rebound of last week, the index MSCI Asia ex Japan loses 1.2% and is only...

Rebound in Asian markets intensifies

On Friday morning, the demand for risks on the Asian bourses continues to recover. MSCI for Asia ex Japan is adding more than 1.2% this morning, having...

Reasons to rebound EM indices

Asian markets are adding after reaching 14-month lows the day before. Positive markets are supported by the reports about China's invitation to trade...

Strong data supports U.S. markets

Stocks of the Emerging Markets remain under pressure on Wednesday morning, with positive sentiments prevailing in American markets following...

Pound press dollar on news about Brexit

Michael Barnier, the EU's top negotiator on Brexit, called a reaching of the agreement on the deal within next 6-8 weeks realistic. This news supported...

Brent reversed from resistance level

Brent Crude Oil recently reversed down sharply from the major, multi-month resistance level 79.50 (which has reversed the price multiple times from the...

In the past 24 hours Bitcoin has lost -0.54% and reached $6364.46794593. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -0.2672% and is now at $1.1357. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -2.42% and is now at $209.03582309. Have the most popular cryptocurrencies compared online 24/7.

Top Brokers offering Daily Forex Market Reviews

Forex Currencies Forecasts

Top 10 Forex Brokers 2018

# Broker Review
6FIBO GroupFIBO Group83%